Rikvin Provides GST Service

The GST rate in Singapore is set at 7%. Except those which are clearly stipulated by the laws, all goods and services are taxable by GST. Among others that are exempted are financial services and the lease or sale of residential properties.

Rikvin assists companies—both local and foreign—in registering for GST with IRAS as part of its specializations.

“Companies that have annual turnover of more than S$1 million from sale of any taxable goods and services should register for GST collection eligibility so they can collect GST from their clients,” explains one business consultants of Rikvin, “the same thing can be said to companies with valid bases to suppose that the turnover will reach S$1 million in the next 12 months.”

“There is no limit to the structure of business that can register for GST. Even government bodies, statutory boards, non-profit organizations, clubs and associations or management corporations and organizations should or could register for GST,” says Rikvin in continuation.

The business consultant adds: “When a company is registered for GST, it is authorized to claim back the GST it incurred on its business purchases. If its GST paid is more than the GST collected, the company can collect the difference from IRAS through GST refund. Also, if GST rate increases, it is sensible for a company to register voluntarily and collect GST to claim back the GST contracted on business purchases.”

As part of its services, Rikvin can provide assistance in assessing whether the company is obliged to register for GST or voluntarily register for it. For voluntary registration, Rikvin will help in weighing down the impact of registration to its performance and overall existence.

“Sole proprietors register the GST in their personal name as their businesses don’t have legal personality separate from them. There will be one GST registration number issued for all the businesses owned by one sole proprietor,” elucidates Rikvin.

Rikvin says in addition: “For partnerships, the taxable turnover of all partnerships having the same composition of partners will be taken in composite to ascertain the liability to register for GST. If the same partners setup 2 partnership ventures, the total turnover of these 2 business ventures will determine the necessity of registration.”

Rikvin’s accountants help companies in two ways. They can register for GST the companies with IRAS and file for GST on basis such as monthly, quarterly, and semi-annually.